Lindsay Corporation $LNN Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. cut its position in Lindsay Corporation (NYSE:LNN) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,657 shares of the industrial products company’s stock after selling 110 shares during the quarter. Corebridge Financial Inc. owned approximately 0.05% of Lindsay worth $716,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Credit Agricole S A boosted its position in shares of Lindsay by 15.2% in the 1st quarter. Credit Agricole S A now owns 19,862 shares of the industrial products company’s stock valued at $2,513,000 after purchasing an additional 2,614 shares during the period. Wellington Management Group LLP boosted its position in shares of Lindsay by 5.5% in the 1st quarter. Wellington Management Group LLP now owns 154,191 shares of the industrial products company’s stock valued at $19,508,000 after purchasing an additional 8,069 shares during the period. Corient IA LLC acquired a new stake in shares of Lindsay in the 1st quarter valued at about $380,000. American Century Companies Inc. boosted its position in shares of Lindsay by 4.7% in the 1st quarter. American Century Companies Inc. now owns 45,867 shares of the industrial products company’s stock valued at $5,803,000 after purchasing an additional 2,065 shares during the period. Finally, Public Sector Pension Investment Board boosted its position in shares of Lindsay by 27.4% in the 1st quarter. Public Sector Pension Investment Board now owns 34,430 shares of the industrial products company’s stock valued at $4,356,000 after purchasing an additional 7,400 shares during the period. 89.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus upped their target price on Lindsay from $128.00 to $136.00 and gave the company a “hold” rating in a research report on Friday, June 27th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Lindsay currently has an average rating of “Hold” and a consensus price target of $136.00.

Insider Buying and Selling

In other news, Director Robert E. Brunner sold 1,856 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total transaction of $263,700.48. Following the completion of the transaction, the director directly owned 3,274 shares of the company’s stock, valued at approximately $465,169.92. This represents a 36.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Brian L. Ketcham sold 3,999 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total value of $596,210.91. Following the transaction, the chief financial officer directly owned 9,621 shares of the company’s stock, valued at approximately $1,434,394.89. This trade represents a 29.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,187 shares of company stock valued at $1,049,162 over the last ninety days. 1.70% of the stock is owned by insiders.

Lindsay Stock Up 1.4%

Lindsay stock opened at $140.48 on Friday. Lindsay Corporation has a twelve month low of $112.14 and a twelve month high of $150.96. The stock has a 50 day moving average of $139.23 and a two-hundred day moving average of $134.59. The company has a current ratio of 3.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 20.18 and a beta of 0.82.

Lindsay (NYSE:LNN) last posted its quarterly earnings data on Thursday, June 26th. The industrial products company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.42. Lindsay had a return on equity of 15.09% and a net margin of 11.21%.The company had revenue of $169.46 million during the quarter, compared to analysts’ expectations of $157.87 million. During the same period last year, the firm earned $1.85 EPS. The firm’s revenue for the quarter was up 21.8% on a year-over-year basis. As a group, research analysts expect that Lindsay Corporation will post 5.82 earnings per share for the current year.

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, August 15th. This is a positive change from Lindsay’s previous quarterly dividend of $0.36. Lindsay’s payout ratio is 21.26%.

About Lindsay

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. It operates in two segments, Irrigation and Infrastructure. The Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot brand; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems.